Record oil price still below inflation-adjusted high

U.S. oil surged to a nominal all-time high of $99.29 a barrel on November 21, boosting the annual average price to $69.97.

Adjusted for inflation, that is still below the $101.70 peak hit in April 1980, according to the International Energy Agency, a year after the Iranian revolution.

The following table from the BP Statistical Review picks out key moments in oil market history. It gives average annual dollar-denominated oil prices in money of the day and the equivalent price in 2006 money. Prices are in dollars a barrel.